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20130113
20130121
Search Results 0 to 2 of about 3 (some duplicates have been removed)
to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid. the debt we incurred was paid for through various bonds. world war i to world war ii, fdr got together with the treasury secretary and set let's put a debt ceiling op and they started to borrow money. that amount in 1949 was $45 billion. today, $16.4 trillion. that is 46,400% higher. between 1939 and 1980, we never exceeded $1 trillion in debt. now we push $17 trillion. the problem with the sound bite is president obama was the guy in 2006 that said i will not vote for you. he wouldn't
, and a deficit of $1.4 trillion to $1.6 trillion per year. we're spending $1.6 million per year than we're bringing in. >> you've accused the president of using scare tactics. what do you mean by that? do you think he's lying about what could happen? >> the thing is, you know what, first of all it's not congress that determines if we default. it's the treasury so i guess that would be secretary timothy geithner if he's still there. it would be the treasury that would decide but we have enough money to pay the interest on our debt, i believe it's $2.5 trillion comes into the treasury every year. that's enough money to pay the interest on the debt. we're not going to cut off payments to seniors on their social security and medicare, and then the military -- >> you saw what happened the last time when we argued about the debt ceiling. our credit rating was downgraded. that is partisan gridlock. >> that is a massive amount of debt. >> it was because of partisan gridlock. >> i disagree. >> and congress not being able to get its act together. we've seen what can happen. >> congress needs to g
Search Results 0 to 2 of about 3 (some duplicates have been removed)